NatGas Spot Prices Soar Even More than HH on Heat, Shortages

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The price of natural gas for the NYMEX futures contract (July) based on the price at the benchmark Henry Hub, hit a new, 30-month high yesterday closing at $3.62/MMBtu. But that’s not even the biggest news. The spot price of natural gas at multiple locations across the country (including the Marcellus/Utica) is cooking, largely due to the hot temps in both the Pacific Northwest and the East Coast. The cash price at Algonquin city-gates (Boston area) rose about $1 to trade at $4.87/MMBtu, while Transco Zone 6 NY (New York City area) was up 79 cents at $3.93/MMBtu. Cove Point LNG (exports 100% Marcellus molecules) cash prices climbed 66.5 cents to $3.845.

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